topic Re: When Should Someone Go on an App Spree? in Credit Card Applications

When Should Someone Go on an App Spree?

Anonymous — Sun, 12 Feb 2017 18:30:57 GMT

Hi all.

Maybe I screwed up a few days ago when I applied for (and got) my AMEX Blue Cash Everyday card....and should have applied for several at once. Did I? I hope I didn't miss an opportunity.

The good news: I got a $1,000 limit. Ofc they don't say they pulled your report until a day or two later.

On Tuesday (02/06), I got approved instantly, online by AMEX. Then the next day, on Wednesday (02/07), the pull was reported to EX -- they only pull from EX btw.

No hit on my credit score (THANKFULLY)...which I didn't expect; I thought it'd go down by at least a point. Whew!

Now, the question....should I wait to apply for another CC? Or.....should I go on an....'App Spree'...?

Current scores:

EX: 650

TU: 642

EQ: 614

In addition to my brand new AMEX card, (CL of $1,000), I have the following cards:

Credit Union Visa: $5,000 -- since 2005

US Bank (secured tho) Visa: $300 -- since exactly a year ago, 2016

I heard Citi wants at least 8 days since last application (to anywhere, I think...not just them) listed on your credit report before you can apply to them. But they pull from EX exclusively (I think)...

I HAVE considered finding who to apply with that uses ONLY TransUnion in application. So far I've only heard of one: Synchrony. Meh; I think they're basically a 'Retail Store Credit Card' provider, which is not my goal.

Looking for a real, not-a-store-card kind of card, possibly one that either has **lax** rules on how many times you can apply in a short period of time....OR one that uses TU data only (to avoid the dreaded, 'you already got an inquiry with EX!!! DENYYYYY' message, lol).

Thoughts? Any and all ideas are appreciated.

Re: When Should Someone Go on an App Spree?

austinguy907 — Sun, 12 Feb 2017 18:31:39 GMT

STOP

With your scores you're going to end up doing more harm than good. Take the AMEX and sit your butt in the garden for at least a year to clean things up and let them age.

Re: When Should Someone Go on an App Spree?

Anonymous — Sun, 12 Feb 2017 18:34:04 GMT

Thanks. That's the answer I was expecting to hear.

I was happy with the AMEX approval until I started seeing ppl here mentioning how an 'App Spree' is the way to gooo....hahha....then, I had second thoughts.

Not going to worry abt it now.

@austinguy907 wrote:
STOP

With your scores you're going to end up doing more harm than good. Take the AMEX and sit your butt in the garden for at least a year to clean things up and let them age.

Re: When Should Someone Go on an App Spree?

MrsCHX — Sun, 12 Feb 2017 19:24:32 GMT

Lol! An app spree isn't a requirement for rebuilding. Though people have done it after closing on a house cause you spend so much time not doing ANYTHING so your reports are constant during the mortgage process. And you now own a home and need things

Now I'll be the bad guy and say Synchrony mostly pulls TU and some of us don't hate them. Some of their store cards upgrade to Visa or MC. I'd likely pass on an upgrade of my Walmart but would take an upgrade to my TJMaxx or AE. I've also just added the Marvel MasterCard through Synchrony with around a 670 TU.

Congrats on AMEX! I'm waiting for my drop in util to report and that's the last thing I'm apping for for at least a year. So gardening is always a good suggestion

Re: When Should Someone Go on an App Spree?

marcforza1 — Sun, 12 Feb 2017 19:55:21 GMT

@MrsCHX wrote:
Lol! An app spree isn't a requirement for rebuilding. Though people have done it after closing on a house cause you spend so much time not doing ANYTHING so your reports are constant during the mortgage process. And you now own a home and need things

Now I'll be the bad guy and say Synchrony mostly pulls TU and some of us don't hate them. Some of their store cards upgrade to Visa or MC. I'd likely pass on an upgrade of my Walmart but would take an upgrade to my TJMaxx or AE. I've also just added the Marvel MasterCard through Synchrony with around a 670 TU.

Congrats on AMEX! I'm waiting for my drop in util to report and that's the last thing I'm apping for for at least a year. So gardening is always a good suggestion

Congrats on getting thegettingI'm in the same boat as far as Amex being my last card to app for some time. Just waiting for that EX score to surpass 650 before I try to.

Re: When Should Someone Go on an App Spree?

bettercreditguy1 — Sun, 12 Feb 2017 23:41:10 GMT

Wait until your scores go up. You will receive better terms (interest rate) and a higher more use full credit limit.The number of cards you carry doesn't really matter. What you want is a handful of a few very useful cards. My choices are one or two Visa/Master Cards. You want one Visa to be a Signature Card and one Master Card which you should shoot for is a World Master Card or equivalents and if you travel, you may desire an Airlines Reward Card.. For evereyday shopping you should have a good revolver for your cash back. This Can be an American Express or another major branded card of your chosing or one of your Visa/Mastercards could fulful this task. Once you obtain the major branded cards, the smaller cards are much easier to get and they too may come with higher initial limits for your specialty shopping needs. Good luck in your journey.

Re: When Should Someone Go on an App Spree?

Anonymous — Mon, 13 Feb 2017 03:09:18 GMT

I started with a secure card to build credit. After about a year I applied for an Amex bcp and was approved with slightly higher scores than you. I used the card for almost a year then went on an app spree with much much higher scores. I suggest you do the same.

Re: When Should Someone Go on an App Spree?

Anonymous — Mon, 13 Feb 2017 03:50:16 GMT

I was in your shoes around this time last year... just started cleaning up stuff (March to be exact) and had 628 EX. 613 TU & 607 EX. I made the mistake of signing up for some junk (Comenity store cards) but did get some good stuff (Capital One x2, Chase Freedom before I was showing 5/24, Discover secured). Also went for the Amazon & Walmart store cards (TU pulls) and eventually an AMEX combo (BCE and Premier Rewards Gold).

Unfortunately I have 3 major negatives on my report:
-Collection that isn't going anywhere for 3 yrs
-Large amt of installment loans (fed school loans)
-Avg age of my accounts is dipping, but I luckily have some old stuff to balance things out

I would say only apply for cards you know will save you money. I can pull 4 cards from last year that are useless now, whether it's because their 0% APR period ended or their extremely low limit store cards.

App sprees are for the people who don't need to show low inquiries or have such high scores and stats on their CR that 8-10 apps won't hurt them. If you ever read blogs about app sprees, those people tend to have that situation.

Re: When Should Someone Go on an App Spree?

AverageJoesCredit — Mon, 13 Feb 2017 18:13:49 GMT

You need to go on an app spree when you're fresh out of oranges

Re: When Should Someone Go on an App Spree?

Blackswizz750 — Mon, 13 Feb 2017 19:49:41 GMT

You have AMEX which can be difficult for folks with 700's with good income to get approved for. No need for a spree, just get what you need and grow by using and not apping. I am a rebulder too and I wish I wouldnt have app that much. It kiis your AAOA and some lenders may deny you on how many cards you have ontained in 6-12 months. AMEX will grow, just ready AustinGuy's Threads on how to obtain 3X CLI over time. I read these as they help me to plan for what to app next. I am in the garden for a while.

Re: When Should Someone Go on an App Spree?

Anonymous — Mon, 13 Feb 2017 22:44:12 GMT

With your scores and relatively thin file, i would wait a good 6 months before apping again. FYI - 1) no bank has "lax" apping standrads 2) no card or bank offers flat "great starting limits" either. All underwriting critea is strictly based on an individul's particular credit report not a policy.

All my highh limits based on my ind profile and nothing else.

AAOA 3 years TU 730 EX735 EQ 730 no baddies no lates ever. 3% utlization. AMEX PLAT NPSL $35K POT, AMEX PRG NPSL $35K POT Chase Saphire Preffered $28CL BOA Cash Rewards $27CL Discover $21CL AMEX ED Preferred $18KCL Jet Blue PLUS WMC $10K CL Citi Simp $9200CL Macy's $8800 CL Best Buy $10K

Re: When Should Someone Go on an App Spree?

Anonymous — Mon, 13 Feb 2017 23:03:32 GMT

Personally I'm too afraid to go on an app spree. I worked too hard over time to build up my portfolio of cards and my scores. I just don't see the logic in taking the multiple inq. I had 2 apps in 2016 3 months apart. I have 9 bank cards now and I'm done for the long haul. Now I just want to show loyalty to the creditors who took a risk on me.

Re: When Should Someone Go on an App Spree?

Anonymous — Tue, 14 Feb 2017 00:32:05 GMT

The reason I went on an app spree was to maximize the money/rewards/benefits that would come back to me while also spreading/starting my relationships with different banks. Has my credit score taken a hit? Yes, but the cards will grow together and I won't have to constantly be applying for cards all the time. My score will bounce back better than before too. For some, applying throughout the year is fine, but my rationale is that by applying at once when I know I won't need a major loan for a while, it frees me up to have more flexibility in the future if new products or a need for a major loan arises. My plans as of now are to use sign up bonuses and travel credits to pay for trips and cash back to pay for fees on the cards so that I'm never really paying for the perks that come with some of these cards. For me it's about having free benefits more than having cash in my pocket. To each there own of course.

Re: When Should Someone Go on an App Spree?

Anonymous — Tue, 14 Feb 2017 05:35:25 GMT

An app spree after a significant score change from bad marks no longer reporting...much more warranted than most reasons, although all are valid. You can argue multiple cards from different banks just the same as closing stuff all over the place and then homing in MR/UR packages just as strongly. Aging accounts is discussed so much. This is not whiskey/whisky from overseas...you dont need 12 and 15 year old accounts to have success either. Lots of way high 700s and 800ish scores with under 3 years of credit. All doable.